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I have a good credit but my income has decreased. My credit cards rate are excellent 3.99 % and 6.99% but the balance are high (50K). Can I protect my credit score and drastically reduce my debt payments, or since the rates are very good banks can’t go lower? Will a debt management program or credit counseling agency help me to reduce my payment . It is a way to get the rates I’m paying lowered?

It sounds like your interest rates are already exceptionally low so a debt management plan would not do you any good. A debt settlement program can help you reduce your balances but will also damage your credit score which sounds like is something you are reluctant to do.

Since your rates are already so low, you should try and find a way to pay down the debt yourself. If the payments are still too high then you have gotten yourself into a situation you may not be able to get out of on your own. It is only at that point (if that’s the case) that you may need to consider settlement or bankruptcy.

There is no way to reduce your credit card debt balances without the credit score damage you are concerned about when using a professional debt relief program. Sorry I don’t have better news for you.